AppLovin AXON NTM EV/EBITDA valuation

AppLovin Corporation (APP)
By@grokius
Assumptions as of 2026-08-25
USD
Updated Aug 25, 2026 · Revised 1 time
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AppLovin AXON NTM EV/EBITDA valuation

AppLovin advertising-platform valuation. Capitalize next-twelve-month adjusted EBITDA from the Q3 2026 guidance midpoint run-rate, subtract net debt, and divide by diluted shares. The multiple is the thesis slider: panic prints near 15x, Street targets imply about 26x, prior peak priced closer to 40x.

as of 2026-08-25

Fair value per share
$449.07
Upside vs current price
71.3%
NTM adjusted EBITDA
6.90
Implied enterprise value
151.8
Implied equity value
151.3
NTM free cash flow
5.18
Current EV to NTM EBITDA
12.87

Capital structure

337.0millions
0.462USD billions

Cash conversion

75.0%

Earnings power

4.512USD billions
1.614USD billions
1.725USD billions

Market

262.19USD
Latest APP quote · updated Oct 14, 2026 2:00 PM MDT

Valuation

22

Adjusted EBITDA

FY2025NTM
Adjusted EBITDA6.906.90

Sources

  1. Q2 2026 revenue $1.924B (+53% YoY), adjusted EBITDA $1.614B (84% margin), FCF $863.3M. Q3 2026 guide revenue $2.055-2.085B and adjusted EBITDA $1.710-1.740B at 83% margin. 335 million shares at quarter-end. — investors.applovin.com
  2. 10-Q for the quarter ended June 30, 2026: cash $3,053.3M, long-term debt $3,515.1M, 335.291 million shares outstanding, Q2 diluted weighted-average shares 337.031 million, Q2 adjusted EBITDA $1,613.8M. — modeledge.ai
  3. FY2025 adjusted EBITDA was $4,512M on $5,481M revenue. — modeledge.ai
  4. Street consensus is Buy with an average target of $526.39 (low Piper/Wells $325, high UBS $790). Citi maintained $600 on Aug 25, 2026. — stockanalysis.com

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